CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $1.24 Million Holdings in Plains All American Pipeline Lp $PAA

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its stake in shares of Plains All American Pipeline Lp (NASDAQ:PAA) by 64.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,300 shares of the company’s stock after selling 100,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Plains All American Pipeline were worth $1,235,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Americana Partners LLC raised its holdings in Plains All American Pipeline by 110.9% in the 4th quarter. Americana Partners LLC now owns 578,541 shares of the company’s stock valued at $10,391,000 after acquiring an additional 304,247 shares in the last quarter. Berkley W R Corp acquired a new stake in shares of Plains All American Pipeline during the 3rd quarter worth $32,871,000. Goldman Sachs Group Inc. increased its position in shares of Plains All American Pipeline by 17.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company’s stock worth $360,097,000 after purchasing an additional 3,033,216 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Plains All American Pipeline by 21.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 565,617 shares of the company’s stock worth $10,158,000 after purchasing an additional 98,666 shares during the period. Finally, GraniteShares Advisors LLC acquired a new position in Plains All American Pipeline in the fourth quarter valued at about $2,717,000. Institutional investors own 41.78% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PAA shares. Morgan Stanley upped their price objective on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. The Goldman Sachs Group upgraded shares of Plains All American Pipeline from a “sell” rating to a “neutral” rating and boosted their target price for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Wells Fargo & Company upped their price target on shares of Plains All American Pipeline from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. US Capital Advisors lowered shares of Plains All American Pipeline from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, Citigroup lifted their price objective on shares of Plains All American Pipeline from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Plains All American Pipeline has a consensus rating of “Hold” and an average target price of $22.93.

Plains All American Pipeline Stock Performance

NASDAQ:PAA opened at $22.51 on Monday. The stock’s 50-day simple moving average is $22.43 and its 200 day simple moving average is $20.97. The firm has a market capitalization of $15.88 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 10.32 and a beta of 0.50. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.02. Plains All American Pipeline Lp has a twelve month low of $15.69 and a twelve month high of $24.26.

Plains All American Pipeline (NASDAQ:PAA) last issued its earnings results on Friday, May 8th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.The business had revenue of $12.47 billion for the quarter. During the same period last year, the firm posted $0.39 earnings per share. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts anticipate that Plains All American Pipeline Lp will post 1.56 EPS for the current fiscal year.

Plains All American Pipeline Company Profile

Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.